Approval for any credit card will depend on your status. The APR shown represents the interest rate offered to most successful applicants. Depending on your personal circumstances the APR you're offered may be higher, or you may not be offered credit at all. Fees and rates are subject to change without notice. It's always wise to check the terms of any deal before you borrow.
Virgin Money 16 Month Balance Transfer Credit Card Mastercard review 2020
Enjoy a lengthy 0% period on balance transfers with Virgin Money.
You say: ★★★★★We say: ★★★★★
Doing its job: 4/5
In a nutshell:
0% interest on balance transfers
0% interest on money transfers
|Balance transfers||0% for 16 months reverting to 27.9%|
|Balance transfer fee||3% for 2 months reverting to 5%|
|Purchases||0% for 3 months reverting to 27.9%|
|Purchases interest-free period||Up to 50 days|
|Money transfers||0% for 12 months reverting to 27.9%|
|Min credit limit||£0|
|Max credit limit||Not specified|
|Additional cards available||3|
|Incentive||Enjoy exclusive offers and rewards on the Virgin Red app.|
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
One of the big-hitters in the balance transfer game, Virgin Money offers a selection of balance transfer cards to accommodate card users with different monthly budgets and different levels of card debt.
Sadly, the longest 0% periods and the lowest transfer fees won’t usually be found together on the same card. With a large selection of balance transfer deals out there, by comparing what’s available it’s possible to calculate which card would work out least expensive for you.
This card comes with 16 months 0% interest on balances that you transfer across to the new card, but there’s a transfer fee of 3% for 2 months reverting to 5%.
If the 16 months gives you long enough to clear your debt, then this card could be a smart option (after that time, any outstanding balance will start to accrue interest at the card’s standard rate). But if you expect to clear the balance in even less time, then you might be able to bag yourself a deal with no balance transfer fee, which, depending on the size of your outstanding debt, could make for significant savings.
Pros and cons
- Customers report excellent customer service when dealing with Virgin Money
- Over a year of 0% interest to focus on reducing existing card debt
- Three months to spread the cost of purchases
- A year of 0% interest on funds you transfer out from the card
- No annual fee
- Applicants with low credit scores are unlikely to be eligible
- Relatively high money transfer fee
How does it compare?
Virgin Money's card
Other popular balance transfer deals
You can make manual repayments through Virgin Money's app, by logging in to your online banking or over the phone (0800 389 2875). Alternatively you may wish to set up a direct debit.
A direct debit protects you from forgetting to make a repayment and losing your promotional interest rate as a result (as well as damaging your credit score and incurring the late payment fee of £9). You could use a fixed-amount direct debit to ensure you've cleared your debt before the 0% period expires – simply divide your outstanding balance by 16 to see what you'll need to pay each month (this assumes you don't use the card for additional spending).
You can arrange a direct debit for repayments when you apply for the credit card. The table below shows the options available.
Choose from the following direct debit options for your monthly repayments:
|Minimum amount||Fixed amount||Fixed percentage||Full amount|
How to apply
If you have compared cards and want to apply, completing the secure online application form takes about 15 minutes. Before you apply, use the eligibility checker tool on the Virgin Money website to check that you have a decent likelihood of getting approved, without affecting your credit score. You’ll need to provide your address details for the last three years and in most cases you’ll get an instant response.
Frequently asked questions
Can I withdraw cash using the Virgin Money 16 Month Balance Transfer Credit Card?
Although it's possible, withdrawing cash from a credit card account is generally not a good idea, as "cash-like transactions" (withdrawing cash at an ATM, getting cashback at the till, spending at a casino, buying currency, etc.) often incur steep fees and/or higher rates of interest.
The cash advance fee on the Virgin Money 16 Month Balance Transfer Credit Card is 5%.
The interest rate on this part of your balance will be 27.9%, which is the same as the standard purchases rate (chargeable from the day of the transaction – the card's usual "up to 50 days interest-free" grace period won't apply).
What is the minimum payment on the Virgin Money 16 Month Balance Transfer Credit Card?
Each month you must pay at least 1% of your balance at that point or £25.00 – whichever of the two figures is greater. So if you had, say, £2,450.00 outstanding, you'd pay £25.00, and if you had £10,000.00 outstanding, you'd pay £100.00.
Paying only the minimum required amount each month is generally not advisable as it makes it much harder to get debt-free before that introductory 0% period expires.
Can I transfer money from the Virgin Money 16 Month Balance Transfer Credit Card to a bank account?
Yes. That's what's known as a "money transfer" (rather than a "balance transfer") in credit card jargon. You can arrange this from your online banking or using Virgin Money's app. New customers will pay no interest on this part of their card's outstanding balance for up to 12 months. The fee for a money transfer is 4% for 12 months reverting to 5% (for transfers made in the first 12 months).